Sean Aylmer

Under the changes from July next year, the 50% capital gains tax discount will be replaced with a less generous version under which the discount is indexed to inflation.

There'll be a minimum 30% rate that'll apply to real gains.

In return, salary earners will receive a $250 annual tax offset from the end of 2027-28 and the option of an annual $1,000 standard tax deduction.

Fisher has had the top job since October last year, and he wants the business to focus on luxury red, luxury white, and more contemporary wine experiences.

Currently, Treasury owns more than 70 brands, but that will fall over the next five years.

Now, well-known brands, including Penfolds, are likely to get greater investment.

In fact, there are three brands that represent 25% of volume, but nearly three quarters of gross profit.

They're the ones they will invest in.

Investors certainly like what they heard yesterday.

Treasury share price jumped 13%.

It's still down 45% over the past year, but it hasn't been too many days when treasury share price has risen like that.

So there'll be some happy investors this morning.

I wonder whether it's like no alcohol, low alcohol wine.

You don't want to say low alcohol, no alcohol, but more contemporary wine experiences.

So they're going for luxury red, luxury white.

So, you know, we're talking pen files.

But then it's probably at the other end of the spectrum, I dare say.

Over the past 48 hours, the Trump administration has announced 10 to 12.5% tariffs on at least 60 nations, claiming that those nations had failed to effectively enforce a ban on slavery and that makes it harder for American businesses to compete.

Now, this, of course, comes after the Liberation Day tariffs were struck down in the US by the Supreme Court.

Then the US Trade Representative started making inquiries, and now it's made these allegations.